Boyd Gaming (NYSE:BYD) Sets New 52-Week Low - What's Next?

Key Points

• Boyd Gaming fell to a new 52-week low of $74.54, well below its 50-day and 200-day moving averages of $82.76 and $83.82, respectively.
• Analysts maintain a broadly cautious view, with a consensus “Hold” rating and an average price target of $94.69; ratings include one Strong Buy, four Buys and eleven Holds.
• The company exceeded quarterly EPS expectations, reporting $1.93 versus $1.89 expected, while revenue reached $1.03 billion. Boyd also declared a quarterly dividend of $0.20 per share, equivalent to a 1.1% yield.

Boyd Gaming Corporation (NYSE:BYD - Get Free Report) reached a new 52-week low on Thursday . The stock traded as low as $74.54 and last traded at $74.6030, with a volume of 315210 shares changing hands. The stock had previously closed at $75.60.

Analyst Ratings Changes

BYD has been the topic of a number of research analyst reports. Stifel Nicolaus lifted their price target on Boyd Gaming from $91.00 to $92.00 and gave the stock a "hold" rating in a research note on Friday, July 24th. Texas Capital upgraded Boyd Gaming to a "strong-buy" rating in a report on Wednesday, June 3rd. Mizuho set a $104.00 target price on shares of Boyd Gaming in a research note on Friday, July 24th. Susquehanna upped their target price on shares of Boyd Gaming from $84.00 to $87.00 and gave the stock a "neutral" rating in a report on Friday, July 24th. Finally, Morgan Stanley reduced their target price on shares of Boyd Gaming from $90.00 to $89.00 and set an "equal weight" rating for the company in a research report on Monday, July 27th. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and eleven have given a Hold rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and an average price target of $94.69.

Boyd Gaming Stock Performance

The company has a debt-to-equity ratio of 1.05, a current ratio of 0.77 and a quick ratio of 0.74. The stock has a market cap of $5.43 billion, a price-to-earnings ratio of 3.29, a PEG ratio of 1.36 and a beta of 1.06. The firm has a fifty day moving average of $82.76 and a 200 day moving average of $83.82.

Boyd Gaming (NYSE:BYD - Get Free Report) last released its quarterly earnings data on Thursday, July 23rd. The company reported $1.93 earnings per share for the quarter, topping analysts' consensus estimates of $1.89 by $0.04. The company had revenue of $1.03 billion for the quarter, compared to analyst estimates of $1.04 billion. Boyd Gaming had a return on equity of 22.52% and a net margin of 44.34%.The firm's revenue for the quarter was up .0% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.87 earnings per share. As a group, sell-side analysts forecast that Boyd Gaming Corporation will post 7.29 EPS for the current year.

Boyd Gaming Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, October 15th. Stockholders of record on Tuesday, September 15th will be given a dividend of $0.20 per share. The ex-dividend date of this dividend is Tuesday, September 15th. This represents a $0.80 annualized dividend and a dividend yield of 1.1%. Boyd Gaming's payout ratio is presently 3.52%.

Insider Activity

In related news, CFO Josh Hirsberg sold 12,777 shares of the firm's stock in a transaction dated Tuesday, July 28th. The shares were sold at an average price of $89.76, for a total transaction of $1,146,863.52. Following the completion of the sale, the chief financial officer directly owned 422,969 shares in the company, valued at approximately $37,965,697.44. This trade represents a 2.93% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 22.82% of the company's stock.

Institutional Trading of Boyd Gaming

A number of hedge funds and other institutional investors have recently made changes to their positions in BYD. Northwestern Mutual Wealth Management Co. raised its stake in shares of Boyd Gaming by 1,466.0% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 32,965 shares of the company's stock valued at $2,810,000 after acquiring an additional 30,860 shares in the last quarter. III Capital Management purchased a new position in Boyd Gaming in the fourth quarter worth approximately $4,177,000. BlackRock Inc. acquired a new position in Boyd Gaming during the 2nd quarter worth approximately $486,737,000. Jefferies Financial Group Inc. acquired a new position in Boyd Gaming during the 4th quarter worth approximately $15,551,000. Finally, Bank of America Corp DE increased its position in shares of Boyd Gaming by 8.8% in the 1st quarter. Bank of America Corp DE now owns 569,427 shares of the company's stock valued at $46,796,000 after purchasing an additional 46,146 shares during the last quarter. Institutional investors and hedge funds own 76.81% of the company's stock.

Boyd Gaming Company Profile

Boyd Gaming Corporation is a gaming and hospitality company that owns and operates casinos, hotels, restaurants, entertainment venues and related amenities. Its properties offer casino games such as slots, table games and poker, along with lodging, dining, convention and entertainment services.

Founded in 1975 by gaming executive Sam Boyd, the company is headquartered in Las Vegas, Nevada. Boyd Gaming operates regional gaming properties across several U.S. states, including Nevada, Illinois, Indiana, Iowa, Kansas, Louisiana, Mississippi, Ohio and Pennsylvania.

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